Retail is heavily positioned on the short side of Bitcoin right now.

The liquidation data is very one sided.

A $10,000 move up would wipe out around 6,000 BTC worth of retail shorts.

That is a huge amount of forced buying waiting above price.

A $10,000 drop, on the other hand, would only liquidate about 2,000 BTC of retail longs.

Most traders are positioned for a rejection.

That is pure disbelief.

I initially expected a move to $100k and then a pullback.

But with this kind of imbalance, the setup looks different.

When everyone leans short, price usually goes higher.